www.iva.co.uk

Hi, we are just starting the 2nd year of an IVA - will be paying back 56K in total over the 5 and half years. Do you think a settlement of £20k would be accepted????

I don't think so Julie, but what are the circumstances - are you struggling to make your IVA payments and where would the money come from to effect said early settlement.

Hi Melanie,

My in laws can stump up the cash, as they know the payments are a struggle. We pay £809 a month and its causing me so much stress I'm taking time off work through it.

Perhaps a better option would be to see if your IP will agree to you reducing your payments to a more affordable level. A lot of people are stuggling to make payments at the moment, and I am sure if you present your IP with another receipts and payments account they will be fairly sympathetic.

Hi

I too am in my second year of my IVA - I asked my IP about 8 months ago how much I owed and she said it was around £41,000. Two Months ago I informed my IP that my wages had decreased significantly due to my pregnancy, as I am no longer able to work any overtime, and that I could no longer afford the full monthly payment to my IVA. I received a call from my IP last week stating that I could be looking at them forcing BR unless I could raise equity from my property. My mortgage lender will not lend me anymore money. I have asked if I am able to sell my property whilst in my IVA to raise funds to settle IVA, However I will need to first pay off my mortgage and secured loan which would leave me around £20,000. They are very slow and not very helpful in answering my questions (Credit fix)

Do you think they will accept £20,000?

Answered on your other post!